Exact date this week Nationwide customers to find out if they'll get £100 bonus
The payment of £100 comes as the building society is owned by its customers and not shareholders. This means it can distribute some profits to them rather than paying dividends
Millions of Nationwide customers will soon find out whether they will receive a free £100 from the building society. Nationwide is set to announce whether it will reintroduce the Fairer Share payment scheme for the third year running.
The Fairer Payment scheme was first launched in 2023, and it rewards members for doing their everyday banking with Nationwide. The payment of £100 comes as it is owned by customers and not shareholders. This means it can distribute some profits to them rather than paying dividends.
Nationwide will be publishing its financial results this week on Thursday, May 29. In them, they will confirm whether the bonus will be paid again this year, the exact amount, when it will be paid and who will qualify for it.
Towards the end of last year, the building society's chief executive Debbie Crosbie said they were 'well positioned' to repeat a Fairer Share payment to qualifying customers. However, the building society stressed that it all depends on its financial performance. Customers should find out as early as 7am.
A spokesperson said: 'Nationwide's board will decide on a Fairer Share payment for 2025 and it will depend on our financial performance. The decision will be announced as part of our full year results 29 May.'
Last year, a total of £385million was paid out to 3.85 million customers after the building society announced profits of £2billion. The bonus payments were made between June 13 and June 28 - so it is likely customers would have to wait until June again to get the money, if another round is confirmed.
Nationwide has over 16million members overall, and as mentioned before, not everyone gets the money. Last year, only 24% of its customers received the payment. In 2023, 3.4million customers received the bonus.
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Last year, the money was paid to eligible members who had a current account and at least £100 in a savings account or at least £100 outstanding on a mortgage as of 31 March 2024. Extra requirements were also in place depending on the type of current account or mortgage you held.
The announcement comes just weeks after Nationwide completed a separate £50 payment to around 12million customers between April 9 and May 14. The "Thank You" payment is separate to the £100 "Fairer Share" payment.
The "Big Nationwide Thank You" payment was issued as a gesture of gratitude to Nationwide members for their contribution to the takeover of Virgin Money. The £2.9billion deal was completed in October 2024. Overall £60million was paid out.
To be eligible for the £50 payment, you will need to have had a savings or current account, or mortgage, at the end of last September. You must also have made at least one transaction through your current account or savings, or had a balance of at least £100 in your current account, savings or mortgage, in the 12 months to the end of September 2024.
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